OXFORD -- The FBI arrested a former financial adviser and broker on a wire fraud charge, accusing him of bilking numerous investors out of millions in a Ponzi scheme.

Robert E. Lee Jr., 50, of 32 Cortland Place, was released on $250,000 bond following an appearance before U.S. Magistrate Judge Joan G. Margolis in New Haven federal court.

Lee faces just one wire fraud charge, which carries a maximum 20-year prison term. However, Assistant U.S. Attorney Christopher Mattei is expected to seek additional charges when he presents recorded conversations and victims' testimony to a grand jury.

On Aug. 19, the Financial Industry Regulation Authority imposed a lifetime ban that prohibits Lee from working for any of its member firms. They contend he failed to follow investors' instructions and made false statements.

Lee's home is in foreclosure and is burdened with at least $122,000 in IRS liens.

Residing in Bridgeport, Shelton and Easton before moving to Oxford, Lee has worked for several financial firms including Rockwell Global Capital, Gunn Allen Financial, Investech and the Maxim Group. Rockwell terminated him last July following four years of employment.

Lee is accused of accepting investors' money and advising them it was being put into various financial instruments.

The FBI investigation determined most of the monies went into his personal bank account and were used for his own expenses as well as to pay off other investors. He is accused of operating the scheme from January 2011 to March 2014 by providing fraudulent account statements and using money from new investors to pay off longer term investors.

One of the victims interviewed by the FBI invested about $10,000 with Lee in 2001. Four years, later the investor rolled his IRA into an account he believed Lee was managing. With that investment, Lee had control of about $130,000 of the man's money, according to FBI Special Agent Christian Roccia.

The investor became concerned about the lengthy delays each time he requested a distribution. He showed the FBI a statement provided by Lee showing his portfolio worth $339,930.

An FBI investigation determined Lee paid that investor $22,000 in eight transactions from his own Citibank account between December 2011 and July 2013.

A second person, who claimed to have invested $8 million with Lee, received $215,000 in 51 disbursements between November 2011 and July 2013. At one point, he received a statement showing a portfolio worth $286 million.

Both investors believed their money was in Rockwell Global Capital accounts.

However, when they contacted Rockwell directly, they were told their accounts did not exist.

By September, Lee admitted to the pair that all their money was gone.

A third victim from the United Kingdom told the FBI he wired Lee $400,000 to invest, believing he purchased shares of Twitter, Rite Aid and High Max.